THIS IS ONE OF THE HIGHEST VALUED TRANSACTIONS WHICH OUTNUMBERED STEEL MAGNATE SAJJAN JINDAL’S BID FOR MAHESHWARI HOUSE AT NAPEAN SEA ROAD
MUMBAI: Despite t he realty sl owdown, some premium properties in south Mumbai continue to sell at exorbitant rates.
The recent example being industrialist Kumar Mangalam Birla, who outbid his rivals for the two-storeyed Jatia House in the plush Malabar Hill area for around Rs425 crore.
Birla, chairman of the Aditya Birla Group, created a record of sorts when he bought the sea-facing bungalow shelling out around Rs 1.7 lakh per square foot.
The 25,000 square feet builtup property in south Mumbai is among the prime pieces of property in the city and was owned by Chem Mach Private Limited, a company promoted by Yashwardhan Jatia.
This property was purchased by the Jatias in 1971 from Meher Cawasji Vakeel. Currently, the brothers Arun and Shyam Jatia, who own t he Pudumjee I ndustries, occupy the bungalow. They had appointed Jones Lang LaSalle India, a well-known consultancy fir m to sell the property. The Birla family, who live at Altamount Road, plans to live on the property. Birla is reported to have paid 10% of the amount and the deal will be concluded within a month.
According to realty experts, this deal does not reflect market sentiment.
“It is a unique deal, with limited bidders. It does not reflect the slowdown prevalent across the country, ” said Nishant Kabra, associate director, Land Services, JLL India. Though the realty market has been in recessionary mode with sales dropping at record levels, this has not dampened the spirit among the elite for purchasing premium properties.
This is one of the highest valued transactions which outnumbered steel magnate Sajjan Jindal’s bid for Maheshwari House at Napean Sea Road for Rs400 crore from Manoj Maheshwari in 2012.
This also pushed the recent sale of Mehrangir, where Homi Bhabha resided, to the third position as it fetched Rs372 crore in an auction.
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